2

3

(1) Based on unit count(2) Represents FY2020 sales data and unit counts as of Q1-2021(3) Represents system-wide sales for fiscal 2020 and unit count as of March 23rd, 2021. Mexican QSR competitive unit counts / system-wide sales are from the Restaurant Business Online Top 500 Chain Restaurant Report reflecting 2019 results

5

(1) Source: The NPD Group/CREST®, December 2019 for total food visits (excluding beverage only occasions)

QUALITY

VA

LUE

/ A

FFO

RD

AB

ILIT

Y

(1)(1)

6

Carne Asada Steak and Marinated ChickenFreshly Grilled in Our Restaurants

100% Real Cheddar CheeseGrated Fresh Daily

Whole Pinto BeansSlow Cooked In Our Kitchens

Salsa Made From ScratchWith Fresh Tomatoes

7

8

9

(1) https://www.gallup.com/workplace/268349/restaurant-general-managers-brand.aspx VS. Del Taco 2019

Internal Employee Survey (2) Del Taco Q1 and Q2-Q4 2020 Avg. Turnover

10

12

(1) Based on company restaurant sales(2) Excludes dining room test

13

Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021

(1) Represents third party delivery sales through the Grub Hub, Postmates, Door Dash and Uber Eats marketplaces, as well as third party delivery sourced through our Del App as a percentage of company or franchised restaurant sales

14

15

(1) 2020 Inmoment Del Taco Guest Experience Measurement Surveys

(15.0%)

(10.0%)

(5.0%)

0.0%

5.0%

10.0%

15.0%

20.0%

Fiscal Q1-2020 Fiscal Q2-2020 Fiscal Q3-2020 Fiscal Q4-2020 Fiscal Q1-2021

16

18

19

WIDE SPECTRUM OF OCCASIONS

1$ 5$< >

20

New Variety · New Flavors · New Products

21

TV · Streaming Service · Social Terrestrial & Digital PR & Social

22

23

0

500,000

1,000,000

1,500,000

2019 Q1 2021

57% Increase In

Registered App Users Since 2019

1.2%

7.1%

0.0%

2.0%

4.0%

6.0%

8.0%

Q4 2019 Q1 2021

6X Increase In System

Delivery Sales %(1)

(1) Represents third party delivery sales through the Grub Hub, Postmates, Door Dash and Uber Eats marketplaces, as well as third party delivery sourced through our Del App as a percentage of system restaurant sales

24

25

(1) Represents unit counts as of Q1-2021(2) Based on internal analysis and a study prepared by a leading national consulting firm.

27

(1) Restaurant contribution is defined as company restaurant sales less company restaurant expenses. Restaurant contribution margin is defined as restaurant contribution as a percentage of company restaurant sales(2) Build to Suit and Conversion investment net of landlord contributions or planned sale leaseback proceeds(3) Represents number of system restaurants who were in the comparable restaurant sales base during fiscal Q1 2021(4) Comparable restaurant sales for the fiscal fourth quarter 2020 for system restaurants who were in the comparable restaurant sales base, including 365, 32, 21 and 148 system restaurants in California, Emerging Markets, Pacific Northwest and Southwest, respectively(5) Comparable restaurant sales for the fiscal first quarter 2021 for system restaurants who were in the comparable restaurant sales base, including 362, 35, 21 and 147 system restaurants in California, Emerging Markets, Pacific Northwest and Southwest, respectively(6) Emerging Markets includes system restaurants in Oklahoma, Georgia, Florida, Alabama, South Carolina and Michigan(7) Pacific Northwest includes system restaurants in Washington, Oregon and Idaho(8) Southwest includes system restaurants in Nevada, Utah, Arizona, Colorado and New Mexico

28

Strategic Refranchise

Opportunistic Refranchise

Opportunistic Acquisition

Strategic Closures

29

(1) Represents unit counts as of Q1 2021.

30

31

32

34

(1)

(1)

(1) Fiscal 2016 results exclude the estimated contribution from the additional operating week including $8.3 million of total revenue and $8.0 million of company restaurant sales..

(1)Restaurant contribution is defined as company restaurant sales less company restaurant expenses. Restaurant contribution margin is defined as restaurant contribution as a percentage of company restaurant sales.(2)Adjusted EBITDA represents a non-GAAP measure of financial results and reflects net income (loss) before interest expense, provision for income taxes, depreciation, amortization and items that we do not consider representative of our ongoing operating performance.(3)Fiscal 2016 results exclude the estimated contribution from the additional operating week including $8.3 million of total revenue, $8.0 million of company restaurant sales, $1.4 million of restaurant contribution and $1.1 million of Adjusted EBITDA.(4) During fiscal 2019 occupancy and other operating expenses as a percent of company restaurant sales increased approximately 70 basis points from the adoption of the new lease accounting standard

(3)

Company SSS 1.8% 5.3% 6.4% 4.7% 4.0% 1.5% 0.5% -2.9%

CA Min Wage $8.00 $9.00 $9.00 $10.00 $10.50 $11.00 $12.00 $13.00

Food Inflation 1.7% 1.0% 1.1% -2.2% 1.6% 0.8% 3.3% 3.0%

Lease Accounting 0.7%

35

(3)

(4)

Net Debt Leverage Ratio

(1) Net Debt is defined as Total Debt minus Cash and Cash Equivalents (2) Leverage ratio represents net debt, divided by Adjusted EBITDA on a rolling four fiscal quarter basis

(2)

36

(1)

(2) (1)

(1)

(1)

37

Drive Core Business

Disciplined Investment

Return Excess Capital

•

•

2020 2019 2018 2017 2016 2015 2014 2013

Net income (loss) $(89,738) $(118,285) $18,959 $49,871 $20,913 $4,757 $(9,255) $(6,539)

:

Provision (benefit) for income taxes (2,062) 4,371 6,659 (15,824) 15,329 852 1,098 80

Interest expense 4,811 7,235 9,075 7,200 6,327 15,143 30,895 35,613

Depreciation and amortization 26,599 25,488 25,794 23,362 23,129 19,525 18,608 19,472

(60,390) (81,191) 60,487 64,609 65,698 40,277 41,346 48,626

Stock-based compensation expense(a) 5,652 6,293 6,079 4,876 4,096 2,030 954 1,290

Loss (gain) on disposal of assets and adjustments to assets held for sale, net(b)

401 9,448 1,012 1,075 312 102 (151) 209

Impairment of goodwill(c) 87,277 118,250 -- -- -- -- -- --

Impairment of trademark(d) 11,900 -- -- -- -- -- -- --

Impairment of long-lived assets(e) 8,287 7,159 3,861 -- -- -- 9,617 --

Restaurant closure charges, net(f) 2,048 2,961 394 191 435 2,109 82 298

Amortization of favorable and unfavorable lease assets and liabilities, net(g)

(297) -- (767) (809) (607) (361) 144 378

Debt modification costs(h) -- -- -- -- -- 217 1,241 4,178

Transaction-related costs(i) -- -- -- -- 731 20,227 1,936 --

Change in fair value of warrant liability(j) -- -- -- -- -- (35) 1,417 33

Executive transition costs(k) 287 438 -- -- -- -- -- --

Pre-opening costs(l) 471 1,650 1,584 1,591 731 642 462 596

Insurance reserves adjustment(m) -- -- -- -- -- -- 1,800 --

Other income(n) -- (364) (660) -- -- (220) -- --

Sublease income for closed restaurants (1,075) (871) -- -- -- -- -- --

$54,561 $63,773 $71,990 $71,533 $71,396 $64,988 $58,848 $55,608

Pro-rata Adjustment to 52 Weeks(o) -- -- -- -- (1,122) -- -- --

$54,561 $63,773 $71,990 $71,533 $70,274 $64,988 $58,848 $55,608 a) Includes non-cash, stock-based compensation.b) Loss (gain) on disposal of assets and adjustments to assets held for sale, net includes adjustments to reduce the carrying amount for assets held for sale to estimated fair value less cost to sell, loss or gain on disposal of assets related to sales, retirements and replacement or write-off of leasehold

improvements or equipment in the ordinary course of business, net gains or losses recorded associated with the sale of company-operated restaurants to franchisees, gains from the write-off of right-of-use assets and operating lease liabilities related to the terminations of leases and net gains or losses recorded associated with sale-leaseback transactions.

c) Includes non-cash charges related to impairment of goodwill.d) Includes non-cash charges related to impairment of trademarks.e) Includes non-cash charges related to impairment of long-lived assets.f) Since 2019, restaurant closure costs include rent expense, non-lease executory costs, other direct costs associated with previously closed restaurants and future obligations associated with the closure of a restaurant. Prior to 2019, restaurant closure costs include costs related to future obligations

associated with the closure or net sublease shortfall of a restaurant and lease termination costs, partially offset by sublease income from leases which are treated as deemed landlord financing.g) Includes amortization of favorable lease assets and unfavorable lease liabilities.h) Includes costs associated with debt refinancing transactions in April 2013, April 2014, March 2015 and August 2015.i) Includes costs related to the offer to exchange the Company's common stock for each outstanding warrant in August 2016, the strategic sale process which commenced during 2014 and resulted in the March 2015 Stock Purchase Agreement with LAC and Levy Merger Sub and the June 2015 Business

Combination consummated pursuant to the Merger Agreement, as well as costs related to the secondary offering of common stock completed in October 2015.j) Relates to fair value adjustments to the warrants to purchase shares of common stock of Del Taco Holdings (“DTH”) that had been issued to certain of DTH’s equity shareholders, all of which were exchanged for shares of common stock of DTH on March 20, 2015.k) Includes costs associated with the transition of former Company executives, such as severance expense.l) Pre-opening costs consist of costs directly associated with the opening of new restaurants and incurred prior to opening, including restaurant labor, supplies, rent expense and other related pre-opening costs. These are generally incurred over the three to five months prior to opening.m) Includes a $1.8 million increase in fiscal 2014 in workers’ compensation expense due to higher payments and reserves related to underlying claims activity.n) During 2019, other income consists of insurance proceeds related to a fire at a company-operated restaurant. During 2018, other income consists of a gain related to the write-off of unfavorable lease liabilities related to franchise subleases which were terminated in connection with the Company's

acquisition of the related franchise-operated restaurants and insurance proceeds related to a fire at a company-operated restaurant. During 2015, other income consists of a gain based on the amount of the liquidating distribution received in excess of our investment in four public partnerships.o) Estimated contribution from the additional operating week during fiscal 2016.

(IN THOUSANDS)

39

(IN THOUSANDS) 2020 2019 2018 2017 2016 2015 2014 2013

(Loss) income from operations $ (86,989) $ (107,043) $ 34,033 $ 41,247 $ 43,300 $ 40,941 $ 27,332 $ 33,365

Less:

Franchise revenue (20,763) (19,002) (17,569) (16,464) (15,676) (14,021) (12,973) (12,515)

Franchise advertising contributions (15,116) (14,516) (13,300) - - - - -

Franchise sublease income and other (9,199) (5,442) (3,428) (2,844) (2,343) (2,366) (2,251) (2,167)

Plus:

General and administrative 43,996 43,877 43,773 38,154 37,220 32,351 28,136 23,112

Franchise advertising expenses 15,116 14,516 13,300 - - - - -

Depreciation and amortization 26,599 25,488 25,794 23,362 23,129 19,528 18,752 19,850

Occupancy and other - franchise subleases and other 8,083 4,463 3,167 2,608 2,207 2,249 2,145 2,073

Pre-opening costs 471 1,650 1,584 1,591 731 642 462 596

Impairment of goodwill 87,277 118,250 - - - - - -

Impairment of trademarks 11,900 - - - - - - -

Impairment of long-lived assets 8,287 7,159 3,861 - - - 9,617 -

Restaurant closure charges, net 2,048 2,961 394 191 435 2,109 82 298

Loss (gain) on disposal of assets and adjustments to assets held for sale, net

401 9,448 1,012 1,075 312 102 (151) 209

$72,111 $81,809 $92,621 $88,920 $89,315 $81,535 $71,151 $64,821

Company restaurant sales $ 446,805 $ 473,991 $ 471,193 $ 452,148 $ 434,064 $ 407,615 $ 380,800 $ 356,306

16.1% 17.3% 19.7% 19.7% 20.6% 20.0% 18.7% 18.2%

40

(IN THOUSANDS) 2020 2019 2018 2017 2016

Total debt, net $114,608 $144,801 $ 179,697 $ 172,054 $ 175,331

Less:

Cash and cash equivalents (7,912) (1,421) (7,153) (6,559) (8,795)

$106,696 $143,380 $172,544 $165,495 $166,536

41